Bitcoin News Today: Bitcoin Stuck Near $118,000 Amid Technical and Macro Uncertainty

Bitcoin's price momentum has encountered a critical resistance level near $118,000, preventing a breakout above this threshold and resulting in mixed signals from short-term technical indicators. The price is currently consolidating within a narrow range between $117,000 and $120,000, with $118,000 acting as immediate support. Despite institutional inflows and ETF demand offering bullish undercurrents, the inability to push past $120,000 has caused hesitation among traders, creating a period of uncertainty in the market [2].

The consolidation phase coincides with a broader environment of macroeconomic uncertainty, fueled by global tariff tensions and the Federal Reserve’s decision to hold its current interest rate. These factors have contributed to a cautious stance among traders, who are now watching for signs of renewed bullish momentum. Analysts from FastBull suggest that a breakout above the trendline could rekindle buying interest, with recommended entry points around $118,000 [2]. Meanwhile, Bitcoin briefly dipped to $115,000 in early July amid rising trade war concerns, but it recovered slightly due to whale activity and continued institutional buying [1]. However, the upward movement has not yet confirmed a strong bullish trend, as the 50-day moving average suggests a potential pivot point that could either reinforce or challenge current support levels [4].

Glassnode’s latest report highlights elevated stress levels among short-term Bitcoin holders, signaling that a breakdown below key support levels could trigger further profit-taking and increased volatility. This reinforces the fragile balance currently in the market, where bullish fundamentals are being tested against lingering macroeconomic challenges and technical consolidation [5]. From a technical standpoint, Bitcoin’s range-bound movement reflects traders waiting for a clear directional signal. A sustained move above $120,000 could indicate a resumption of bullish momentum, while a failure to maintain levels above $118,000 may lead to renewed bearish pressure. Analysts remain divided on the near-term outlook, but the consensus is that the next few trading sessions will be crucial in determining Bitcoin’s immediate trajectory [2].

Sources:

[1] title: Bitcoin Price Prediction 2025, 2026- 2030: Will BTC Break ... (https://coindcx.com/blog/price-predictions/bitcoin-price-weekly/)

[2] title: Bullish Momentum Could Resume Above the Trendline (https://www.fastbull.com/analyst-article/bullish-momentum-could-resume-above-the-trendline-4337855_0)

[3] title: Increased Production Pressure with Tariff Risks May Lead ... (https://m.fastbull.com/analyst-article/increased-production-pressure-with-tariff-risks-may-lead-4337941_0)

[4] title: Bitcoin to Smash $138,000—Historically Bullish Signal Suggests Bullish Reawakening (https://www.bloomberg.com)

[5] title: Rebeca Moen (https://blockchain.news/Profile/Rebeca-Moen)